Mortgage Term Life Insurance Riders

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about The Basics of Mortgage Term Insurance and other Mortgage Protection Insurance topics.

Is there anything I can do to add benefits to my Mortgage Term Life Insurance?

Mortgage Term Life Insurance can be a lot more than just a life insurance policy. In fact, it can provide an accelerated benefit in the event that you become terminally ill, additional death benefit proceeds should your death be the result of an accident, and death benefits to your children and spouse.

All of these added features are available because of Mortgage Term Life Insurance riders. Riders are supplementary benefits that you can add to a Mortgage Term Life Insurance policy for a small additional premium. Some riders that may be available to you include:

Accelerated benefit rider: This rider pays out a percentage of your death benefit to you if you're diagnosed with a terminal illness.

Child rider: This rider provides a death benefit for each of your children in the amount of $5,000 or $20,000 upon the death of a child.

Spousal rider: Like the child rider, this rider provides an additional death benefit payable upon the death of your spouse.

Please remember each of these Mortgage Term Life Insurance riders when you finalize your policy. Once your Mortgage Term Life Insurance policy is active, you can always remove your rider(s), but you're not allowed to add-on any rider(s) after your policy is in force.

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!